CARFINCO FINANCIAL GROUP $8.38 (Toronto symbol CFN; TSINetwork Rating: Speculative) (1-888-486-4356; www.carfinco.com; Shares outstanding: 26.5 million; Market cap: $224.2 million; Dividend yield: 5.7%) provides car loans to consumers who don’t meet the criteria of banks and other traditional lenders.
In September 2013, Carfinco expanded into the U.S. through its $9.5-million purchase of Persian Acceptance Corp., an automotive lender that also caters to less-affluent borrowers. The acquisition boosted Carfinco’s loans outstanding by about 22%.
In the three months ended June 30, 2014, the company’s revenue rose 24.5%, to $24.3 million from $19.5 million a year earlier. Carfinco loaned $54.0 million in the quarter, up 26.9% from $42.6 million.
Earnings fell 8.8%, to $5.3 million, or $0.20 a share, from $5.8 million, or $0.22. That’s most because Carfinco’s costs rose as it added staff to handle its growing loan portfolio and improve customer service in the face of rising competition.
Carfinco will need a steady or improving economy to maintain its growth. However, its well-established dealer network and investments in Internet loan-approval technology should let it keep increasing its market share.
The stock trades at just 9.5 times forecast 2014 earnings of $0.88 a share. It yields a high 5.7%.
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